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latest news, updates
& advice from Zeal |
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Newsletter Issue 18
June 2023 |
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Last month our capital allowances team assisted 41 different clients to identify claims for capital allowances, unlocking over £3.8m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £760,000!
Below is a summary of some of the cases we worked on:
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| Capital Allowances Review - Children's Homes |
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| Zeal carried out a capital allowances review of property purchases and developments by a provider of residential child care services, based in South Wales. Over the past 7 years, the company had incurred around £1.7m to purchase several residential properties for use in their business of providing residential child care. As no capital allowances had ever been claimed on part of the purchase prices paid for the properties, the company was sitting on significant unclaimed tax relief . . . read more |
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Construction of Care Homes
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Given the level of investment in buildings and infrastructure, the care industry is one of Zeal’s core sectors. One of our largest clients, which is based in London, constructed four 90 bedroom care homes during 2022. The modern, high spec facilities ranged from £4m to £8m to build and fit-out.
Zeal’s capital allowances specialists liaised with the contractors during the build stages to collate all the information required to maximise . . . read more |
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Capital Allowances Review - Commercial Landlord
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Zeal achieved an excellent result for a company that invests in commercial property. The client was referred to Zeal by a commercial property agent.
The client had purchased over 20 commercial units over the past 9 years. These ranged from large offices, to industrial units or high street stores, like Boots the Chemist. Zeal carried out an entitlement review of the commercial property acquisitions to identify properties that would qualify . . . read more |
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| Are you ready for next month? |
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| From August 2023 all R&D Tax claims, regardless of year end, must be accompanied by an additional information form that can only be generated through a HMRC agent portal. This information ranges from administrative (UTR, VAT numbers etc) through to potentially requiring more technical information on a greater . . . read more |
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CASE STUDY:
Multiple scheme tidy-up for nationally franchised practice |
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A regional and satellite office for a large national accountancy firm sought a TFPI review to organise and merge multiple pre-existing policies after buying out a small, local practice.
The firm was also seeking to streamline their administration process as the schemes already in place were with different insurers and had different renewal dates. One policy was also Client Decide / Voluntary and the other was All Client / Compulsory, adding further difficulty. An evaluation was therefore essential to . . . read more |
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Limited Companies
No Better Time to Identify Unclaimed Tax Relief |
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From 1 April 2023, limited companies with profits over £250,000 will pay an additional 6% corporation tax. Companies with profits over £50,000 but less than £250,000 will also pay up to 6% extra corporation tax. In other terms, companies will be giving away up to 6% of their company after 1 April 2023!
Zeal encourage all business owners, their accountants and other professional advisors to review . . . read more |
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| Having a tax efficient structure for holding property investments has always been high on the agenda of property investors and their advisors. The Section 24 restrictions for residential finance charges introduced from April 2017 sparked a rise in landlords seeking to incorporate their Buy-to Let portfolios to a limited company structure. The recent sharp increase in interest rates has resulted in many more landlords revisiting the tax efficiency of . . . read more |
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| Here’s what our clients thought of us this month . . . |
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| Iain Maclean, Oakfield House |
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| "This company were recommended to us by our accountant to look into a Capital Allowance claim on our FHL portfolio. Our case manager was extremely professional and friendly, kept in touch throughout the process, explained everything as we went along, emailed all necessary reports etc and was more than happy to answer any questions we had. The final report was extremely comprehensive and produced significant tax savings for us as well as a large rebate which more than covered their fee . . .". |
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Frank Gudelajitis, Uttoxeter Road
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| "I was previously approached by 2 different companies offering the same service, Zeal were fast and offered a very professional dervice throughout and delivered what they said they would". |
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Speak with one of our tax specialists Now!
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Our experts help businesses across the UK tackle challenging tax
issues. If you find yourself in a position of needing specialist tax advice
we're on hand to help. Let us know when would be a good time for
a chat, and we will call you back.
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As a member of the Chartered Institute of Taxation, and with our own in-house tax specialists, Zeal are ideally placed to support you in providing a complete tax service to your clients. We deliver our services all over the UK, no matter the size of your practice or clients.
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